Video: Challenger banks taking the fight to the big four

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Video: Challenger banks taking the fight to the big four

Who's winning the innovation race?

The finalists in the Finance category of this year's Benchmark Awards all undertook massive transformations of their core environment in order to place themselves in a more nimble position than the big four banks they are competing against.

The challenger banks are punching above their weight with less resources and smaller budgets to lure market share away from the four giants that have long led the sector.

In a desire to offer true anytime, anywhere access to their customers, ME Bank, Teachers Mutual Bank, and SuperChoice all disposed of inefficient and legacy IT in favour of a clean, plug-and-play environment that allows them to deliver the new technologies that their customers desire much faster.

The three banks discussed how they're keeping pace with the big four in the innovation game, as well as what's next now that their transformations are complete, at the panel sessions of the Benchmark Awards last week.

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